delo diplomskega seminarja
Klemen Hovnik (Author), Matjaž Črnigoj (Mentor)

Abstract

Glavna cilja diplomskega dela sta oceniti vrednost delnice družbe Gorenja, d. d., v letu 2017 ter raziskati, zakaj je kitajski investitor za eno delnico plačal dvakratnik njene cene. Ugotovil sem, da mora biti ocenjevalec pri vrednotenju podjetja po metodi diskontiranih denarnih tokov zelo pozoren pri napovedi prihodnjega poslovanja podjetja, saj že manjše razlike povzročijo velike spremembe v končni vrednosti kapitala. Po svojih izračunih sem ugotovil, da je bila v letu 2017 cena ene delnice podjetja Gorenje vredna 5,49 EUR, kar je dvakrat manj, kot je zanjo odštela družba Hisense. Ta je v sredini leta 2018 prevzela podjetje Gorenje z odkupom vseh delnic po ceni 12 EUR. Videli smo, da je precejšna razlika v ceni delnice, če njeno vrednost ocenjujemo glede na manjšinskega ali večinskega lastnika. Večinski lastnik bi namreč zaradi prevzema kontrole v podjetju lahko izkoristil dodatne donose oz. sinergije iz podjetja z optimizacijo stroškov ter spremembo poslovanja.

Keywords

finančna matematika;vrednotenje delnic;diskontirani denarni tok;sinergije;analiza;kontrolna premija;Gorenje;Hisense;

Data

Language: Slovenian
Year of publishing:
Typology: 2.11 - Undergraduate Thesis
Organization: UL EF - Faculty of Economics
Publisher: [K. Hovnik]
UDC: 519.8
COBISS: 18818137 Link will open in a new window
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Downloads: 342
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Other data

Secondary language: English
Secondary title: Gorenje share valuation in the context of a takeover by Chinese company Hisense
Secondary abstract: The aim of this dissertation is to evaluate the value of Gorenje’s share in 2017 and to examine why the Chinese investor paid twice as much for the share. I came to a conclusion that when valuing a company using the discounted cash flow method, the appraiser needs to be very careful in predicting the future business of the company, since even minor differences can cause major changes in the final value of equity. According to my calculations, the value of equity per Gorenje's share was 5,49 EUR in 2017, which is half as many Hisense group paid for the share. In the mid – 2018 Hisense corporation took over Gorenje with the successful takeover bid of 12 EUR per share. Thus, we have seen that there is a significant difference in the price of a share, if it is determined by a minority or majority owner. The majority owner would be able to take control of the company and use the advantage of additional synergy returns from the company by optimizing costs and changing business operations.
Secondary keywords: business evaluation;synergy;discounted cash flow;analysis;acquistion premium;
Type (COBISS): Final seminar paper
Study programme: 0
Embargo end date (OpenAIRE): 1970-01-01
Thesis comment: Univ. v Ljubljani, Fak. za matematiko in fiziko, Oddelek za matematiko, Finančna matematika - 1. stopnja
Pages: IV, 31, 4 str.
ID: 11224168